----

----

| • | honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and                  professional relationships; |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or                  submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds; |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | compliance with applicable laws and governmental rules and regulations; |
|---------|-------------------------------------------------------------------------|

| • | the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
|---------|-------------------------------------------------------------------------------------------------------------------------|

| • | accountability for adherence to the Code. |
|---------|-------------------------------------------|

| A. | Overview |
|----|----------|

| 1. | not use his or her personal influence or personal relationships improperly to influence investment decisions or financial                  reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer                  rather than the benefit the Funds; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or                  cause others to trade personally in contemplation of the market effect of such transactions. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | service as a director/trustee on the board of any public or private company; |
|----|------------------------------------------------------------------------------|

| 2. | the receipt of any gift, gratuity, favor award or other item or benefit having a market value in excess of $100 per person,                  per year, from or on behalf of any person or entity that does, or seeks to do, business with or on behalf of the Funds.  Business-related entertainment such as meals, tickets to the theater or a sporting event which are infrequent and of                  a non-lavish nature are excepted from this prohibition; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other                  than its investment adviser, principal underwriter or any of their affiliates; and |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting                  portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Each Covered Officer should become familiar with the disclosure requirements generally applicable to the Funds. |
|----|-----------------------------------------------------------------------------------------------------------------|

| 2. | Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others,                  whether within or outside the Funds, including to the Funds’ directors/trustees and auditors, and to governmental regulators and self-regulatory organizations. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other                  officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public                  communications made by the Funds. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by                  applicable laws, rules and regulations. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards                  that he or she has received, read, and understands the Code; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code; |
|----|---------------------------------------------------------------------------------------------------------|

| 3. | report at least annually all affiliations or other relationships related to conflicts of interest that are included and                  described in the Funds’ Directors/Trustees and Officers Questionnaires. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of                  potential violations that are made in good faith; and |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | notify the Funds’ Chief Legal Officer promptly if he or she knows of any violation of this Code.  Failure to do so is                  itself a violation of the Code. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | the Chief Legal Officer will take all appropriate action to investigate any reported potential violations; |
|----|------------------------------------------------------------------------------------------------------------|

| 2. | if, after such investigation, the Chief Legal Officer believes that no material violation has occurred, the Chief Legal                  Officer is not required to take any further action; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | any matter that the Chief Legal Officer believes is a material violation will be reported to the Committee; |
|----|-------------------------------------------------------------------------------------------------------------|

| 4. | if the Committee concurs that a material violation has occurred, it will consider appropriate action, which may include                  review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; monetary sanctions based on making a Fund whole for damage suffered or to deter                  further actions; or a recommendation to suspend or dismiss the Covered Officer; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | the Committee will be responsible for granting waivers, as appropriate; |
|----|-------------------------------------------------------------------------|

| 6. | all waivers shall be accompanied by a written memorandum, including to whom the waiver was granted, the details of the                  waiver, the nature and scope of the waiver, reasoning for the waiver and the date of the waiver; and |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. |
|----|-------------------------------------------------------------------------------------------------------------|

| 1. | This Code was initially adopted by a majority of both Boards (including a majority of the Independent Directors/Trustees                  voting separately). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote                  of both Boards, including a majority of Independent Directors/Trustees voting separately. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | A copy of each version of the Code and all waivers under the Code shall be maintained for at least six (6) years following                  the end of the fiscal year in which the amendment or waiver occurred. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Principal Executive Officer:  | Kenneth Eich   |
|--------|-------------------------------|----------------|
|   |                          |
|   | Principal Financial Officer:  | Douglas Haines |
|   |                          |
|   | Principal Accounting Officer: | Douglas Haines |

----